XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
ASSETS    
Cash and cash equivalents $ 88,134 $ 107,147
Cash held in trust 186 188
Mortgage loans, net [1],[2] 955,628 1,119,372
Real estate owned properties, net [3] 4,768 8,526
Investment in debt securities 424,600 273,800
Receivable from servicer 23,907 15,755
Investments in affiliates 27,929 28,616
Prepaid expenses and other assets 17,424 8,876
Total assets 1,676,092 1,653,732
Liabilities:    
Secured borrowings, net [1],[2],[4] 653,948 585,403
Borrowings under repurchase transactions 394,386 421,132
Convertible senior notes, net [4] 103,427 110,057
Management fee payable 2,267 2,247
Put option liability 18,350 14,205
Accrued expenses and other liabilities 6,222 6,197
Total liabilities 1,178,600 1,139,241
Commitments and contingencies – see Note 8
Equity:    
Common stock $0.01 par value; 125,000,000 shares authorized, 22,993,246 shares issued and outstanding at June 30, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020 231 231
Additional paid-in capital 315,131 317,424
Treasury stock (1,405) (1,159)
Retained earnings 62,502 53,346
Accumulated other comprehensive income 1,651 375
Equity attributable to stockholders 493,254 485,361
Non-controlling interests [5] 4,238 29,130
Total equity 497,492 514,491
Total liabilities and equity 1,676,092 1,653,732
Investments in Securities    
ASSETS    
Investment in debt securities [6] 424,632 273,834
Beneficial interests in securitization trusts    
ASSETS    
Investment in debt securities [7] 133,484 91,418
7.25% Series A preferred stock    
Equity:    
Preferred stock, $0.01 par value, 25,000,000 shares authorized 51,100 51,100
5.00% Series B preferred stock    
Equity:    
Preferred stock, $0.01 par value, 25,000,000 shares authorized $ 64,044 $ 64,044
[1] As of June 30, 2021, balances for Mortgage loans, net include $1.9 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
[2] Mortgage loans, net include $821.6 million and $842.2 million of loans at June 30, 2021 and December 31, 2020, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans, net include $9.8 million and $13.7 million of allowance for loan credit losses at June 30, 2021 and December 31, 2020, respectively.
[3] Real estate owned properties, net, includes valuation allowances of $0.5 million and $1.4 million at June 30, 2021 and December 31, 2020, respectively.
[4] Secured borrowings, net are presented net of deferred issuance costs of $9.5 million at June 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.4 million at June 30, 2021 and $3.3 million at December 31, 2020.
[5] As of June 30, 2021 non-controlling interests includes $2.7 million from a 50.0% owned joint venture, $1.4 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 2020 non-controlling interests includes $27.4 million from the 50.0% and 63.0% owned joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2 million from a 99.9% owned subsidiary which the Company consolidates under U.S. GAAP.
[6] As of June 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $423.0 million and $273.4 million, respectively, and net unrealized gains of $1.7 million and $0.4 million, respectively.
[7] Investments in beneficial interests includes allowance for credit losses of $3.0 million and $4.5 million at June 30, 2021 and December 31, 2020, respectively.